Spanish Developers believe that home prices will not decrease further

"Housing prices have already gone through a lot of adjustment" - that’s the belief of Jose Manuel Galindo, President of the the Association of Developers and Builders of Spain (APCE in it's Spanish initials), according to an interview with El Mundo newspaper last Friday. Galindo maintains that the developers are carrying out an adjustment in production to facilitate a solution for the close to 600,000 unsold homes on the market (valued at approx. 120 billion Euros). He stated that in 2007, 600,000 new homes were built and in 2008 the number was reduced by half, to between 250,000 and 300,000 properties, a figure that may be reduced again to 150,000 houses this year.